8 Essential Tips for Hiring the Best Commercial Real Estate Agent in Durham, NC
Owning a commercial property in Durham is an excellent way to generate rental income from businesses occupying the building. Before you consider a commercial property purchase, make sure you have the right real estate agent to help you find the right property.
Residential real estate agents can be easy to find. However, when looking for the right commercial property, you need an agent who is an expert in commercial buildings. They can help you locate and purchase a retail property that meets your needs and fits your budget.
What should buyers consider when looking for the best commercial real estate agent? Check out these eight essential tips.
1. Understand the Difference (Residential vs. Commercial)
A residential real estate agent might be the best in the city, but they don't specialize in commercial spaces. You might have a good friend who can match the right homes to their buyers (quickly and affordably). However, tasking them with finding a commercial building for you could turn into a frustrating experience—for both of you.
You need a real estate agent who understands how to buy, sell, lease, and invest in commercial properties. If they also handle residential properties, make sure they have similar experience in the commercial real estate space. A commercial agent navigates the commercial market as well as a residential agent helps home buyers purchase their dream homes. Serious commercial real estate agents are members of a number of databases, professional organizations, and listservs to find exactly what you are looking for.
The commercial real estate industry has different rules and financing than residential real estate. Whether you prefer an office building or retail space, your commercial agent knows how to find what you need and work with multiple parties to complete the transaction for you.
2. Know What You Need
Are you looking for an investment property? Maybe you need to lease office space to grow your business. Whether you plan to lease commercial space or buy your building, the best commercial real estate agent needs to understand your plan to help you find the right space.
If you plan to invest in a property, look for an agent specializing in buying commercial buildings. They can help you find a space to fit your target business audience to fill the building with active leases. However, if you need to lease space for your growing business or startup, choose an agent who understands the retail or office space leasing market.
3. They Must Know the Market
Searching for the ideal commercial space doesn't have to be a time-consuming effort. With a well-informed agent that understands the market, you have an ally to bring the best listings to your attention and maximize your time.
Going from property to property without a plan is the sign of an agent who doesn't understand the market (or your needs). Choose a commercial real estate agent in Durham who knows the area well enough to make quick work of finding the ideal property for your needs.
4. They Need Experience
We're not saying you should never give the new guy a chance. However, when investing in commercial real estate, time is money. Taking too long to find a property or not understanding how the buying process works could mean you lose the property to another bidder.
The best commercial agent has plenty of experience managing the purchase of retail or office buildings in the area. Look for an agent who knows how to navigate all paperwork, participants, and details from start to finish—without wasting time.
5. Check Out Their Reputation
Have you seen their name on a commercial property sign? Can you find favorable information about the agent or agency? A real estate professional with an excellent reputation for successful property purchases should be at the top of your list during your search.
You need someone with the resources and ability to negotiate the best pricing and close the purchase with your best interests in mind. Avoid agents who don't have a good reputation in the market—or seem to have no reputation at all. Search the internet for reviews to make sure you select an honest and well-respected agent in the business.
6. Get Referrals
Do you know other commercial property owners in Durham? Ask who they work with when buying new properties.
Purchasing a commercial building is a significant investment. Listen to trusted partners or other business owners when seeking referrals and recommendations for commercial agents who can find the space you need at the right price.
7. Make Sure They Are Available
You want a well-respected commercial real estate agent—but if they're too "in demand," they might not be able to fit your timetable.
The right commercial agent wants your business. They respond promptly to calls, texts, and emails. They answer every question you have throughout the process, especially if you're searching for your first commercial building.
The best agent for your needs also has a proactive approach to finding the best space. They bring every possibility to your attention, including properties that haven't hit the market yet. You should be able to let them know what kind of space you need and deliver guidelines, then expect them to go to work finding the best fit for you.
8. Don't Settle
Take time to interview a few commercial agents before choosing the best one for your goals. There's no need to settle for the first agent if they aren't the best fit to get you into a property that meets every expectation.
Finding the right commercial space in Durham can be challenging without the best expert to lead the way. Don't settle for an agent who isn't fully capable of listening to your needs, bringing the best properties to you, and helping you close and finance your ideal space successfully.
You Can Rely on the Best Commercial Real Estate Agent
We work hard for you! When it's the right fit, you can rely on the best commercial real estate agent to buy or lease the retail or office space you need.
When looking for a commercial property in Durham, let us help! Click to schedule an appointment.